Last Updated : 11 October 2012 at 10:40 IST
Pepper spot markets firm, trend expected to be bullish on NCDEX
Source :Commodity Online Editorial Desk
Author :Rakesh Neelakandan
“Pepper November contract broke an important resistance level of Rs.43800 in Wednesday's session. Next resistance levels are seen at Rs.44400 and Rs.45000. In the upcoming sessions it may travel north amid expectation of export demand.” our in-house analyst said.
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KOCHI(Commodity Online): Kochi pepper witnessed sales at the rate of Rs.414/kg for 80 tons of ungarbled pepper on Wednesday. There had not been trade in garbled variety for the day, as per reports.
On Tuesday, sales at the rate of Rs.410-415/Kg for 100 tons in pepper (ungarbled) were carried out.
“Pepper November contract broke an important resistance level of Rs.43800 in Wednesday's session. Next resistance levels are seen at Rs.44400 and Rs.45000. In the upcoming sessions it may travel north amid expectation of export demand.” our in-house analyst said.
Global Pepper production in 2012 is expected to increase 7.2% to 3.20 lakh tonnes as compared to 2.98 lakh tonnes in 2011 with sharp rise of 24% in Indonesian pepper output and in Vietnam by 10%.
According to latest report, pepper output in Vietnam is estimated to be 1.35 lakh tonne as compared to 1.10 lakh tonne estimated early in the beginning of year (2012).
Production of pepper in India in 2011-12 is expected to decline further by 5% to 43 thousand tonnes as compared to 48 thousand tonnes in the last year. Production is lowest in a decade.
The November contract on the NCDEX opened at Rs.43800 a quintal on Thursday.
